Turkish economy minister Nihat Zeybekci made an announcement on June 14 regarding the awaited rebar import duty reduction - which had been a source of uncertainty in the local Turkish rebar market - stating that the import duty on rebar will be reduced to 10 percent from the current level of 30 percent, and adding that the Turkish cabinet of ministers' decision will be announced officially soon.
Meanwhile, with the influence of Ramadan, buyers in the local Turkish rebar market have continued to conclude purchases only in line with their needs, and so demand has remained at low levels. Compared to the price levels recorded on June 12, domestic rebar prices in Turkey's Iskenderun region have increased by TRY 10/mt, while domestic prices have declined in Izmir and Marmara regions by TRY 10/mt and have moved sideways in the Karabuk region. Market sources state that the upward movement in the Iskenderun region is due to the price strategy of rebar suppliers in the region. Although prices on US dollar basis in Turkey's Marmara and Karabuk regions have moved up by $1-3/mt due to the fluctuation of the exchange rate, prices on dollar basis in other regions have remained stable.
As of today, June 15, traders' rebar offers in the Turkish domestic market are as follows:
Region | Dimension | Price (TRY/mt) | Price ($/mt) | Price changes (TRY/mt) | Price changes ($/mt) | ||
12.06.2017 | 12.06.2017 | ||||||
Marmara | 8 mm | 1,661 | 475 | ↓ | 8 | ↑ | 1 |
Marmara | 12 mm | 1,644 | 470 | ↓ | 9 | ↑ | 1 |
Iskenderun | 8 mm | 1,644 | 470 | 0 | ↑ | 3 | |
Iskenderun | 10 mm | 1,636 | 467 | 0 | ↑ | 2 | |
Iskenderun | 12 mm | 1,627 | 465 | 0 | ↑ | 3 | |
Izmir | 8 mm | 1,636 | 467 | ↓ | 8 | 0 | |
Izmir | 10 mm | 1,627 | 465 | ↓ | 9 | 0 | |
Izmir | 12 mm | 1,619 | 462 | ↓ | 8 | 0 | |
Karabuk | 8 mm | 1,653 | 472 | 0 | ↑ | 3 | |
Karabuk | 12 mm | 1,636 | 467 | 0 | ↑ | 2 | |
All prices are ex-warehouse and on actual weight basis and exclude VAT.
$1 = TRY 3.50